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Article

Shijing Liu, Hongyu Jin, Chunlu Liu, Benzheng Xie and Anthony Mills

The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the…

Abstract

Purpose

The purpose of this paper is to examine public–private partnership (PPP) approaches for the construction of rental retirement villages in Australia and to allocate the investment proportions under a certain project return rate among three investors which are the government, private sectors and pension funds. The apportionment will achieve a minimum overall investment risk for the project.

Design/methodology/approach

Capital structure, particularly determination of investment apportionment proportions, is one of the key factors affecting the success of PPP rental retirement villages. Markowitz mean-variance model was applied to examine the investment allocations with minimum project investment risks under a certain projected return rate among the PPP partners for the construction of rental retirement villages.

Findings

The research findings validate the feasibility of the inclusion of pension funds in the construction of PPP rental retirement villages and demonstrate the existence of relationships between the project return rate and the investment allocation proportions.

Originality/value

This paper provides a quantitative approach for determination of the investment proportions among PPP partners to enrich the theory of PPP in relation to the construction of rental retirement villages. This has implications for PPP partners and can help these stakeholders make vital contributions in developing intellectual wealth in the PPP investment area while providing them with a detailed guide to decision making and negotiation in relation to investment in PPP rental retirement villages.

Details

Built Environment Project and Asset Management, vol. 10 no. 1
Type: Research Article
ISSN: 2044-124X

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Article

Shijing Liu, Hongyu Jin, Chunlu Liu, Benzheng Xie and Anthony Mills

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a…

Abstract

Purpose

Targeting public–private partnership (PPP) rental retirement villages, the purpose of this paper is to bring forward the solution of insufficient research in a non-competitive guarantee (a restrictive agreement) towards the compensation and guarantee costs in consideration of benefit redistribution if the governments are unable to keep the promise on guarantee provision.

Design/methodology/approach

Real option principles are applied to assess the public–private investment proportions and the expected return rates of the private sector in a non-competitive guarantee and analyse their effects on the public–private benefit and risk allocations as well as the success of the project. Instead of granting direct capital support, this research accomplishes the compensation of non-competition guarantee by adjusting the project benefit distribution ratios between the government and the private sector to achieve the option value of the guarantee. An empirical example with alternative scales, which is developed from an existing rental village in Geelong, is used to numerically verify the research process.

Findings

The results illustrate that the option value of the non-competition guarantee plays an important role in supporting the implementation of the PPP rental retirement village projects. The option value of the non-competition guarantee has a close relationship with the guarantee level and the government guarantee cost, which is positively correlated with the guarantee level and negatively correlated with the government guarantee cost. To reduce the government guarantee cost, the government should carefully determine the public–private investment proportion, appropriately control the return rate of the private sector and approve the construction of the new project after the investment recovery of the private sector.

Research limitations/implications

This research mainly focusses on the economic loss of the government due to the guarantee responsibility. Further research could be conducted to determine the guarantee level more precisely and take the social cost of the government guarantees into consideration.

Originality/value

This research is the first attempt to investigate the government compensation and costs of non-competition guarantee for PPP rental retirement village projects and will enhance the understanding of the nature of PPP applications. The evaluation process and the implementation of the compensation through the adjustment of benefit distribution provides a comprehensive method to analyse the non-competition guarantee of PPP projects and help the parties negotiate in good faith to agree on a method of redress.

Details

Engineering, Construction and Architectural Management, vol. 27 no. 1
Type: Research Article
ISSN: 0969-9988

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Article

Hongyu Jin, Shijing Liu, Chunlu Liu and Nilupa Udawatta

Targeting public–private partnership (PPP) projects, the purpose of this paper is to help decision makers fairly allocate financial risk between governments and private…

Abstract

Purpose

Targeting public–private partnership (PPP) projects, the purpose of this paper is to help decision makers fairly allocate financial risk between governments and private investors through a properly designed length of concession period.

Design/methodology/approach

On the one hand, the length of the concession period should be long enough to help private investors to achieve their expected profits. On the other hand, the length of a concession period cannot be decided without agreeing on an upper limit, since an overlong concession period takes too much time for governments to recover their investment and leads to an overly lucrative condition for private investors. Following this logic, the concession period decision range is decided, which defines the lower and upper limits for the length of the concession period. The net present values (NPVs) for governments and private investors are estimated via Monte Carlo simulation to better reflect the uncertainties. To further decide on the optimal length of the concession period, the principle of fair risk allocation between governments and private investors is adopted. The concession period, as an important project parameter, should help to minimize the financial risk gap between governments and private investors.

Findings

The developed concession period determination process is validated using a numerical example of a PPP transportation project. The analysis outcomes show that the proposed methodology is capable of determining the length of the concession period so as to control private investors’ profit within a reasonable range while achieving a fair allocation of financial risk between governments and private investors. The outcomes also indicate that, before determining the optimal length for the concession period, governments may need to make a choice between better financial risk allocation or stringent profit control for private investors.

Research limitations/implications

The determination process developed here may be inapplicable to social infrastructure PPPs where the income stream is less predictable. In addition, the data analysis targets a highway project with a capital subsidy provided by the government. To strengthen the effectiveness of the proposed determination process, further research should apply the model to PPPs with other kinds of government support.

Originality/value

The concession period for a PPP project is an important parameter and it is a common practice for governments to predetermine the length of the concession period before inviting tenders. The existing models for determining the concession period focus too much on the simulation of NPVs for project parties and neglect the importance of risk allocation in signing and maintaining a long-term contract. There is also a lack of research to evaluate the influence of governments’ preferences on the length of the concession period. To overcome the limitations of the existing models and enrich the methodology for concession period determination, this paper contributes to the body of knowledge by developing a concession period determination process which can help governments to make better decisions. The financial risk is expected to be more evenly shared between governments and private investors with the concession period derived from the proposed process. This determination process is also capable of evaluating the influence of governments’ preferences on the length of the concession period.

Details

Engineering, Construction and Architectural Management, vol. 26 no. 10
Type: Research Article
ISSN: 0969-9988

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Article

Chi Cheung Leung

The purpose of this paper is to discuss nationalistic education in Hong Kong from a cultural perspective. It highlights the challenges faced by the Hong Kong Government…

Abstract

Purpose

The purpose of this paper is to discuss nationalistic education in Hong Kong from a cultural perspective. It highlights the challenges faced by the Hong Kong Government and the growing antagonism and mistrust between the young generation and the government. The paper reviews the cultural policies adopted by the Western Zhou, Han and Tang dynasties in ancient China.

Design/methodology/approach

This paper adopts a historical approach by reviewing the policies in music and culture in the Chinese history and argues for the adoption of a soft approach to nationalistic education in Hong Kong.

Findings

Results show that being inclusive toward diverse cultures, trusting and valuing people’s voices and accepting differences of opinion are effective policies that were adopted by the respective dynasties. The results shed light on the possibility of nurturing nationalism through education in music and culture.

Research limitations/implications

The historical examples mentioned in this paper are only selected periods of the Chinese history. Thus, the survey could not be taken as a comprehensive review.

Practical implications

This paper reviews the policies concerning music and culture in ancient China and argues for transferring the soft approach of predecessors toward these subjects as part of the nationalistic education of Hong Kong.

Social implications

The results shown should be considered seriously by the Hong Kong Government as an effective substitute policy for the past stringent approach of implementing national education in Hong Kong. Nationalistic education focusing on music and culture is a common root for all Chinese and should be used in future to build up trust and common values between China and Hong Kong.

Originality/value

The originality of this research lies in its dealing with nationalism and national education, recommending a soft approach to education viewed through the prisms of music and culture.

Details

Asian Education and Development Studies, vol. 7 no. 1
Type: Research Article
ISSN: 2046-3162

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Book part

Shijing Xu, Shijian Chen and Ju Huang

This chapter focuses on pedagogies of working with diversity centers on West-East reciprocal learning through a Reciprocal Learning Program in preservice teacher education…

Abstract

This chapter focuses on pedagogies of working with diversity centers on West-East reciprocal learning through a Reciprocal Learning Program in preservice teacher education between a Canadian university and a Chinese university. By presenting our initial analysis of fieldwork with our Teacher Education Reciprocal Learning Program participants through excerpts from newsletters, surveys, and interviews, we explore how participants from both China and Canada made sense of their learning from the other cultural and educational system through the Reciprocal Learning Program within broad educational, social, and cultural contexts. We argue that both global and multicultural dimensions are cultivated in reciprocal learning that infused the lived experiences of both Canadian and Chinese preservice teacher candidates. We discuss the pedagogic implications for working with diversity and believe that reciprocal learning can take place while working with people from different cultures with an attitude of mutual respect and appreciation and an appetite for learning in our increasingly interconnected world.

Details

International Teacher Education: Promising Pedagogies (Part B)
Type: Book
ISBN: 978-1-78441-669-0

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Article

Robert Osei-Kyei, Vivian Tam and Mingxue Ma

The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global…

Abstract

Purpose

The growth in ageing population globally has led to the increase in demand for retirement or aged care homes. Adopting public–private partnership (PPP) in the global retirement village market has become the new approach to address some of the emerging challenges. This paper aims to explore and analyse the critical success factors (CSFs) for the adoption of PPP in the global retirement village market.

Design/methodology/approach

An empirical questionnaire survey was conducted with experienced practitioners in the global PPP and retirement village markets. Mean score analysis, normalization range method, Kendall’s coefficient of concordance and factor analysis were used for analysis.

Findings

Results show that out of the 27 CSFs identified, the most significant ones in developing PPP retirement village projects are “the age-friendly design of villages”, “appropriate location of PPP retirement village”, “reliable and accessible health and physical facilities” and “effective social inclusion and integration in villages”. Further analysis shows that the 27 CSFs can be grouped into 7 major factor groupings, namely, “effective project monitoring”, “financial support”, “social integration”, “effective contractual arrangement between parties”, “government commitment and support”, “sustainable design of village” and “effective payment structure”.

Originality/value

The outputs of this study will adequately inform retirement village developers, retirement village stakeholders and local government authorities of the best practices they should put in place to ensure the sustainable growth of the global retirement village market.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

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Article

Shouxu Wang, Li Feng, Yuanming Chen, Wei He, Zhihua Tao, Shijing Chen and Huan Xu

The purpose of this paper is to form good cutting qualities in glass-epoxy material for opening flexible areas of rigid-flex printed circuit boards (PCB) by ultraviolet…

Abstract

Purpose

The purpose of this paper is to form good cutting qualities in glass-epoxy material for opening flexible areas of rigid-flex printed circuit boards (PCB) by ultraviolet (UV) laser cutting.

Design/methodology/approach

The cut width and cut depth of glass-epoxy materials were both observed to evaluate their cutting qualities. The heat affected zone (HAZ) of the glass-epoxy material was also investigated after UV laser cutting. The relationships between the cut width and the parameters of various factors were analyzed using an orthogonal experimental design.

Findings

The cut width of the glass-epoxy material gradually increased with the increment of the laser power and Z-axis height, while cutting speed and laser frequency had less effect on the cut width. Optimal parameters of the UV laser process for cutting glass-epoxy material were obtained and included a laser power of 6W, a cutting speed of 170 mm/s, a laser frequency of 50 kHz and a Z-axis height of 0.6 mm, resulting in an average cut width of 25 μm and small HAZ.

Originality/value

Flexible areas of rigid-flex PCBs are in good agreement with the cutting qualities of the UV laser. The use of a UV laser process could have important potential for cutting glass-epoxy materials used in the PCB industry.

Details

Circuit World, vol. 40 no. 3
Type: Research Article
ISSN: 0305-6120

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Article

Guangming Han, Zhiqiang Hou and Yuanshui Huang

Selecting the development and renewal of residential areas has caused significant confusion in the construction of a new countryside with the rapid development of…

Abstract

Selecting the development and renewal of residential areas has caused significant confusion in the construction of a new countryside with the rapid development of information and computer technology. The application of digital assistive technology in traditional settlement planning has received increasing attention in recent years. Thus, this study combined the folk culture of traditional settlement, local unique landform, and climate environment. Digital technology was used as the starting point. Traditional settlement planning and green update design were studied with the help of a digital building software. The planning of Shuanglong Village and the residential green renewal design were taken as examples. Shuanglong Village's overall planning and design was presented and showed that its road traffic was clearly planned. The rational use of local land was attained. The landscape of Shuanglong Village was then designed. Practice has proven that the research on traditional settlement planning and green renewal design based on digital assistive technology can provide the basis for such activities.

Details

Open House International, vol. 42 no. 3
Type: Research Article
ISSN: 0168-2601

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